Emotionally speaking, divorce can be a painful process. Whereas you once thought you had a love to last a lifetime, you now realize this is no longer the case. But if the matters of the heart seem complicated, they are nothing in comparison with the fiscal aspects involved with the legal dissolution of a marriage. These aspects are multiple, sometimes very complex and have a variety of lasting consequences for both parties involved.
The Cost of Divorce
One of the greatest misunderstandings about divorce is the seemingly universal concept that all will be over quickly and that the two parties can get on with their lives as if it never happened. Unfortunately, divorce can take longer and cost more money than ever previously imaginable. The real facts are the average divorce process requires one to two years and varies in cost from several hundred on up to several thousand dollars.
Other financial ramifications involved could include a new rental or mortgage payment for a separated spouse as well as new alimony and/or child support payments to be made for both the short and long-term. In general, it is best to accept that change is on the horizon and act accordingly. In other words, be prepared for money to suddenly be in short supply.
Another misconception is the fact that, in concert with the marriage dissolution, each party receives half of what was shared and that is that. Unfortunately, it is not as simple as that. Not only are there actual costs involved in the present with a divorce, but down the road, too, as spouses do not necessarily earn the same amount of money or possess the same potential to earn money in the future. Also, in many cases today, many couples are extended financially beyond their combined means, let alone singularly. Oftentimes, the financial structure of a given household is particularly frail and both parties can be literally be swept away by a powerful event such as divorce.